Industry Trends: Q4 – Yushu submits listing materials; Meta and OpenAI recruit robotics talent, focusing on application in household and consumer sectors; Amazon acquires a robotics startup; on October 24, Xiaopeng Robotics makes its debut; on November 6, Tesla’s shareholder meeting; Tesla’s third-generation robots expected in November-December; Nvidia’s collaboration with Foxconn on robotics to be showcased in November; Xiaomi’s robots may also be unveiled in November-December.
Wolong Electric Drive (Global Tier 1, expects that in the future, the number of robots will exceed that of humans, leading to electric drives for everything, and Wolong Electric Drive is a leading enterprise in the field of motors and drive control globally. According to Frost & Sullivan data, based on revenue in 2024, Wolong Electric Drive is the largest provider of explosion-proof electric drive system solutions globally (with a market share of about 4.5%), the fourth largest provider of industrial electric drive system solutions (with a market share of about 2.8%), and the fifth largest provider of HVAC electric drive system solutions (with a market share of about 2.0%). In the domestic market, its high-voltage motors have a global market share of 11%, ranking second in the world.)
Ningbo Huaxiang (Domestic Zhiyuan Chain, Zhiyuan Expedition series modules and body assembly OEM,PEStatic25) has obtained a general implementation license for Chinese patents and proprietary technologies related to the industrialization of PEEK owned by Jilin University, valid for 20 years. Whether in terms of technology, production capacity, or cost, it is undoubtedly the global leader in PEEK. Moreover, it is the general contractor for Zhiyuan’s body manufacturing and plans to go public in Hong Kong. The trend remains optimistic.
Sanhua Intelligent Control ((T Chain, core supplier for Tesla, Sanhua Intelligent Control is the main supplier of rotary joint assemblies, covering key joints such as shoulders, elbows, and wrists. It pioneered the “domain controller + actuator” integrated solution, incorporating thermal management systems, extending the continuous working time of robots to over 8 hours. If Tesla’s robots are mass-produced, it will first reflect in performance.)
Top Group ((T Chain, main supplier of linear actuator assemblies, exclusively supplying the leg and waist joint modules for Optimus.)
Weichuang Electric ((T Chain, layout of the embodied intelligence industry chain, focusing on independent R&D of core components and building a rich product matrix: 1) Joint modules: The company has successfully developed the RB100 series servo integrated wheels, RB200 series harmonic/planetary/linear joint modules, and RB300 servo integrated wheels, etc. It is also actively laying out key technologies such as dexterous hands. 2) Drive motors: The company has successfully developed the FT series frameless torque motors, ECH series DC brushless hollow cup motors, etc., continuously enriching the product variety.)
Orbbec (((T Chain, jointly developed an automotive-grade vision solution with Tesla, providing environmental perception support for Optimus. Orbbec is a core supplier of 3D vision transmitters, providing environmental perception solutions for Optimus. With a market share of over 70% in 3D vision for service robots, it has passed Tesla’s FSD chip compatibility testing.)
Zhiyu Technology((T Chain, joint assemblies and dexterous hand modules are synchronously breaking through with leading domestic companies, with a clear order release rhythm. Some brokerages analyze that the main business is valued at 30 billion, with a market elasticity of 40 billion, seeing potential for 50-70 billion?? Currently, it has a market value of 27.7 billion, with a net profit attributable to the parent company in the first half of the year increasing by 60.45%, dynamic PE of 65)
Fulian Precision (( Robotics business: joint module supplier, Zhiyuan industry chain*, in August partnered with Zhiyuan Robotics for a deployment project of 100 Expedition A2-W units, marking a significant event in the large-scale application of industrial robots in China.. Solid-state battery business: 1.5 billion prepayment from CATL locks in the supply of lithium iron phosphate, and a joint venture with CATL has been established. Performance: In H1 2025, the company’s main business revenue composition is: lithium battery cathode materials 68.09%, automotive engine components 31.91%. Revenue of 5.813 billion, year-on-year +61.70%; net profit attributable to the parent company of 174 million, year-on-year +32.41%.)
Green Harmonic (((T Chain, global market share of harmonic reducers is 35%, domestic market share is 25%. By 2025, production capacity will expand to 5 million sets, with Tesla orders accounting for 45% of revenue.)
Mingzhi Electric (((T Chain, exclusive supplier of hollow cup motors for Optimus dexterous hands, fourth in global market share for hollow cup motors, with the motor’s single unit value accounting for 7% of the robot’s cost)
Zhejiang Rongtai((T Chain, supplier of micro screw for Tesla’s dexterous hands, with high barriers to entry, products also sent to Yushu, with net profit from screws reaching 65 million in 2024, with performance increasing year by year.)
Horizon Robotics( intelligent driving, performance releaseing, with revenue in the first half of the year +67%, Goldman Sachs’ target price is 14)
Amperex Technology ( leading domestic replacement for sensors, net profit excluding non-recurring items +20%, revenue from pressure sensors +61%)
Hanwei Technology ( electronic skin, with flexible tactile sensors, inertial measurement units, MEMS pressure strain gauges, olfactory sensors, etc., has built a multi-dimensional product matrix covering “tactile–balance–force control–olfaction” to provide various perception solutions for the intelligent development of robots; flexible electronic skin products are collaborating with several humanoid robot manufacturers and have already supplied small batches to some robot manufacturers. Leading global electronic skin. Yushu Technology’s new supplier, major supplier of electronic skin for Xiaopeng; Hanwei Technology is the only electronic skin supplier in China that has made the fastest progress in docking with Tesla, having obtained the GEN-3 blueprint. Hanwei-Nengstar has covered over 30 mainstream humanoid robot clients in China.)
Shuanghuan Transmission(T Chain, robot reducers)
Zhongan Technology ( domestic Huawei chain + Nvidia chain, Huawei robot OEM + Huawei’s shareholding. Nvidia emphasizes that “Zhongan Technology provides end-to-end multimodal development frameworks for humanoid robots,” forming a deep binding of “algorithm + hardware”. Plans to go public in Hong Kong, currently valued at 23.8 billion, with the market seeing potential for 30-50 billion.).
Longsheng Technology ( potential T Chain dexterous hand and joint supplier, Nidec may have already secured T rotary module orders, expected to become the most promising T major share rotary module supplier, with an anticipated 50% share; high-end harmonic Nidec self-manufactured, while low-end and mid-range products are contracted to Longsheng, with a single unit value of 5000-6000 yuan.) Generally, T Chain first suppliers are valued at 30-50 billion, with higher product value leading to larger market capitalization.
Zhaowei Electromechanical (T Chain, its developed 4mm brushless hollow cup motor breaks the monopoly of Japanese companies, achieving a breakthrough of 17 active degrees of freedom in dexterous hand products, with control precision reaching 0.3°. Its developed dexterous hand has “tactile” capabilities, able to sense external temperature, pressure, etc., and provide feedback. The dexterous hand has a high gross margin, with the cost of Tesla’s Optimus dexterous hand accounting for 17.3%, and Zhaowei Electromechanical’s product currently has a gross margin of 34.6%. The company also has related businesses in the VR field.)
Longxi Co., Ltd. ( domestic chain, the only supplier of mass-produced joint bearings in China and an absolute leader, supplying Xiaomi/Zhiyuan, PE moving 90)
Zhongdali De ( domestic chain, supplying Yushu/Zhiyuan/Tesla, creating a “precision planetary reducer + servo motor + drive” integrated machine, standardizing joints.)
Changsheng Axle承 ( domestic + T Chain, Changsheng indirectly supplies Tesla in addition to Yushu)